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Election puts GrainCorp takeover on ice

The Federal Treasurer would ultimately have to approve any sale of GrainCorp to ADM. With the government now in caretaker mode, that decision will be made by whoever wins the election on September 7.

Laurissa Smith

A bid by international firm Archer Daniels Midland to buy Australia's largest agribusiness is effectively on ice until after the federal election, as the government is now in caretaker mode.

ADM is seeking approval to buy Australian grain giant GrainCorp, which controls vast networks of receival, transport and port infrastructure across eastern Australia.

The Federal Treasurer is ultimately responsible for approving or blocking such a sale, and with the government now in caretaker mode, that decision will have to wait.

The deal would also require the approval of the Foreign Investment Review Board. That assessment is still underway.

The National Party and the NSW Farmers Association are among those who've expressed vocal concern that selling GrainCorp's assets to a foreign entity will be bad news for eastern Australian grain growers.